VOL. XLII

No 44

1-November-1999

SAUDI ARABIA

SAIB And American Express (ME) Sign Joint Venture Agreement

The Saudi Investment Bank (SAIB) and American Express(Middle East) have signed an agreement to form a joint venture, according to ajoint press release issued on 26 October. The new company, in which bothpartners will hold an equal stake, will be called American Express (SaudiArabia) Ltd. and will handle American Express business in the Kingdom.

"This new company is [SAIBs] first step to...